Business Risk Partners (BRP) has partnered with Aspen American Insurance Company to introduce a new and significantly expanded professional liability form for insurance agents and brokers.
The enhancements to the form include built-in cyber extension coverage with $150,000 of limit; deductible reduction coverage, up to 50% on each claim; broad definition of professional services; broadened insolvency coverage; and increased coverage for administrative proceedings, and subpoena inquiry and court attendance costs.
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The programme is currently admitted in 41 US states and has been filed in all 50.
BRP CEO and president Lisa Doherty said: “Our partnership with the Aspen team is a logical next step. We know how talented they are from a history of first working with veteran members of the team nearly a decade ago.”
Aspen global head of professional & management liability Bruce Eisler said: “We saw this opportunity with BRP as a way to extend our expertise in professional liability, claims resolution and service to insurance agents, a previously untapped market for us.
“After listening to what Lisa and her team required, we were able to deliver a creative and custom solution that both enhances BRP’s product offerings and our long-term partnership.”
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By GlobalDataThe policy targets a wide array of insurance agents and brokers such as agents for life/health, property and casualty, wholesalers, consultants and MGA/program administrators. It offers $10m in capacity for primary or excess placements with no minimum revenue threshold.
